Dow Jumps Over 250 Points; US Initial Jobless Claims Increase
U.S. stocks traded mixed midway through trading, with the Dow Jones index gaining more than 250 points on Thursday.
The Dow traded up 0.54% to 49,261.60 while the NASDAQ declined 0.62% to 23,437.73. The S&P 500 also fell, dropping, 0.05% to 6,917.76.
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Leading and Lagging Sectors
Industrials shares gained by 1.4% on Thursday.
In trading on Thursday, information technology stocks dipped by 1.4%.
Top Headline
U.S. initial jobless claims increased by 8,000 from the previous week to 208,000 in the week ending Jan. 3, compared to market expectations of 210,000.
Equities Trading UP
- Flyexclusive Inc (NYSE:FLYX) shares shot up 126% to $7.10 after the company was named an authorized Starlink Aviation dealer.
- Shares of Enliven Therapeutics Inc (NASDAQ:ELVN) got a boost, surging 54% to $23.81 after the company announced initial data from the ongoing Phase 1b ENABLE clinical trial evaluating ELVN-001 in patients with chronic myeloid leukemia that is relapsed, refractory or intolerant to available tyrosine kinase inhibitors.
- MoonLake Immunotherapeutics (NASDAQ:MLTX) shares were also up, gaining 29% to $14.54 after the company said FDA feedback confirmed it may establish substantial evidence of effectiveness for hidradenitis suppurativa without additional clinical trials.
Equities Trading DOWN
- Immuneering Corp (NASDAQ:IMRX) shares dropped 39% to $5.10. The company announced updated overall survival and safety data from its ongoing Phase 2a trial of atebimetinib in combination with modified gemcitabine/nab-paclitaxel in first-line pancreatic cancer patients, with over 13 months median follow up time.
- Shares of Acrivon Therapeutics Inc (NASDAQ:ACRV) were down 31% to $2.05 after the company announced ACR-368 Phase 2b endometrial cancer clinical data with EU expansion to accelerate enrollment, initial ACR-2316 clinical data, and ACR-6840, its next AP3-enabled development candidate, targeting CDK11.
- CorMedix Inc (NASDAQ:CRMD) was down, falling 23% to $8.00. The company announced preliminary fourth-quarter and FY25 revenue results.
Commodities
In commodity news, oil traded up 1.8% to $56.98 while gold traded down 0.1% at $4,456.70.
Silver traded down 3.6% to $74.820 on Thursday, while copper fell 1.7% to $5.7600.
Euro zone
European shares were mixed today. The eurozone's STOXX 600 slipped 0.27%, while Spain's IBEX 35 Index rose 0.27%. London's FTSE 100 declined 0.06%, Germany's DAX fell 0.08% and France's CAC 40 rose 0.06% during the session.
Asia Pacific Markets
Asian markets closed lower on Thursday, with Japan's Nikkei 225 falling 1.63%, Hong Kong's Hang Seng Index declining 1.17%, China's Shanghai Composite slipping 0.07% and India's BSE Sensex falling 0.92%.
Economics
- U.S. initial jobless claims increased by 8,000 from the previous week to 208,000 in the week ending Jan. 3, compared to market expectations of 210,000.
- Nonfarm business sector labor productivity rose by 4.9% in the third quarter, following a revised 4.1% gain in the prior quarter.
- Unit labor costs in the nonfarm business sector fell by 1.9% in the third quarter, compared to market expectations of a 1.0% growth.
- The US trade deficit shrank to $29.4 billion in October, recording the smallest gap since June 2009, versus a revised $48.1 billion gap in September and compared to market estimates of a $58.1 billion gap.
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